Beta Technologies Continues Marching Forward with Successful Series B Round for Alia Cargo Aircraft

The Vermont company said its Series B round was led by TPG's Rise Climate fund, with assistance from Fidelity.

The $375 million brings its total valuation to $2.4 billion in its quest to develop its Alia aircraft. The investment will allow them to further develop the ecosystem required for a cargo version of the Alia, from charging to fleet support.

Beta has been hard at work courting clientele for its future wares, receiving the affections of UPS and AmazonAMZN, in addition to the Air Force and United Therapeutics, among others. They anticipate a passenger model to be part of their future offerings, but their primary focus has been to supply fully electric cargo haulers for the logistical backbone of the US. That tactic may prove wise, given the simplicity of the cargo market in comparison to cultivating ridership. 

Being able to offer services at a solid rate is far simpler than building an air taxi ecosystem more enticing than the range of competitors expected to arrive on scene in the coming years. The Alia is expected to offer a range of around 250 nautical miles with a correctly prepared payload, but they have said in the past that they could very well be restricted to half that by the FAA for a time. 

In a statement addressing the funding round, Kyle Clark, founder and CEO, said the money "allows us to complete the construction of our production facilities and accelerate our certification work to create a greener and more efficient future for all applications of aviation, starting with cargo and logistics and moving to passenger missions immediately thereafter." 

FMI: www.beta.team